Abstract: The "one belt and one way" national development strategy guides enterprises to go abroad, but also makes enterprises face more risk of exchange rate fluctuations. Against this background, it is needed to explore who is better to bear exchange rate risk under different circumstances of supply chain leaders, and is there any way to improve the profits of both sides. A transnational secondary supply chain is described, the dominant structure of supply chain operation is introduced, and the impact of exchange rate risk bearing mechanism on supply chain decision-making and performance is explored. Firstly, the impact of the change of exchange rate risk bearer under the situation of supplier dominance is analyzed. Then it is analyzed that when retailers dominate the supply chain, what changes will the change of exchange rate risk bearers bring to the profits of enterprises. And revenue-sharing contracts are used to cooperate at risk. It is found that although the supplier or retailer-led exchange rate risk-taking mechanism will not bring operational differences to the supplier-led supply chain which is consistent with the conclusions of Arcelus et al.(2013). But retailer-led exchange rate risk-taking has a substantial impact on supply chain operation. Furthermore, a revenue sharing contract is proposed to adjust the impact of exchange rate risk taking, and a cooperative way is found to deal with the risk.

Key words: global supply chain, exchange rate risk-taking mechanism, supply chain structure, revenue sharing contract